Event risk before this expiration:CPI release Wed, Oct 14 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.
■ put-side pain■ call-side painTotal payout option writers would owe at each settle price (both sides, all open interest, ×100 shares) — low settles hurt put writers, high settles hurt call writers. The minimum — 144 — is the max pain price.
Open interest by strike · Fri, Oct 23
■ calls (up)■ puts (down)MRK open contracts per strike for Fri, Oct 23.
Open-interest change — building vs unwinding
Needs two observed snapshot days for this expiration — the comparison appears automatically once the next weekday snapshot lands. We diff real observations only; nothing is estimated.
Volume by strike · Fri, Oct 23
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Oct 23
— call IV— put IVATM ≈ 27.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Oct 23
Net dealer gamma per strike, in dollars per 1% move, assuming the standard convention (dealers long calls, short puts) — an assumption, not an observation. Above the amber flip level hedging tends to dampen moves; below it, to amplify them.
Greeks by strike · Fri, Oct 23
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.83
-0.08
139
0.0343
0.06
-0.08
-0.17
0.80
-0.09
140
0.0390
0.07
-0.10
-0.21
0.75
-0.10
141
0.0435
0.08
-0.10
-0.25
0.71
-0.11
142
0.0475
0.09
-0.12
-0.29
0.66
-0.12
143
0.0508
0.09
-0.12
-0.35
0.60
-0.13
144
0.0532
0.10
-0.13
-0.40
0.55
-0.13
145
0.0546
0.10
-0.13
-0.45
0.49
-0.13
146
0.0550
0.10
-0.14
-0.51
0.44
-0.13
147
0.0544
0.10
-0.13
-0.56
0.39
-0.13
148
0.0528
0.10
-0.13
-0.62
0.34
-0.12
149
0.0503
0.09
-0.12
-0.67
0.29
-0.11
150
0.0472
0.09
-0.12
-0.72
0.19
-0.09
152.5
0.0372
0.07
-0.09
-0.82
0.11
-0.06
155
0.0264
0.05
-0.06
-0.90
0.07
-0.04
157.5
0.0172
0.03
-0.04
-0.95
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 44 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.
Stacked — layer the expirations
Call open interest per strike, stacked across the checked expirations — each color is one expiry. Strikes are pruned to the liquid center of each chain.
Max pain is arithmetic, not prophecy: the settle price that would minimize what option writers pay out at expiration, computed from open interest alone. Prices sometimes gravitate toward heavy strikes into expiry — dealer hedging is a real flow — but the evidence that max pain predicts settlement better than chance is mixed, and we are not going to pretend otherwise. Use it as a map of where positioning is stacked, next to the fundamentals and the earnings calendar, not as a target.
Data: Cboe delayed public feed (~15 minutes), refreshed here about every 15 minutes. Open interest itself updates once daily, before the open. Educational information, not investment advice.